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Warren Buffett to Benefit From Mortgage Abuse Settlement

Obama’s private-sector acolyte Warren Buffet will, yet again, reap a handsome profit from a decision made by the White House, as the President unveils a hefty foreclosure abuse settlement.

“Warren Buffett’s stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday,” Patrick Howley of The Washington Free Beaconwrites.

Oh, but how could it be?

Well, Mr. Buffett invested $5 billion in Bank of America on August 25, 2011, and “as part of his investment deal, Buffett gained warrants that allow him to buy 700 million shares of Bank of America stock at a strike price of $7.14 a share,” Howley continues.